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I have two undergraduate degrees and a Masters. Thankfully, I did my first degree before tuition skyrocketed, and was funded fully for my Masters. After a few years of struggle, I have finally been able to start paying back my federal loan (1 year) and my provincial loan (1 and 1/2 years). I have a job as a Wildlife Biologist, a job I love and and spent years of studying and struggling at dead-end jobs for the opportunity. I am finally getting practical experience, and it is in an expanding field, so I hope there are continued opportunities for me, as I am only on contract right now.
My wife is also doing her Masters and will complete that this fall, so without her income, once again, I am a slave to the Interest Relief monkey. We have one daughter who is almost three, and are ready to celebrate the birth of our second child in another month.
Things have not been bad. We have two cars, rent is paid on time, food in the cupboard. But I am dreading that period at the end of 2007 when my 5 years is up and I have to pay back no matter what. It makes me lie awake at night. I get depressed about it during the day when I think about it. Combined, my wife and I will end up paying on both loans about 750-800 total a month, which means that in order to save for anything like retirement or a mortgate we would have to gross about 80,000 a year.
In New Brunswick, we are currently in the midst of an election. They talk about job training, tax credits for students, but the ones that always are forgotten are those who have completed their degrees, collected student loans, and are now struggling to make ends meet. I think it is great to give students a leg up as they are starting their education, but where is the help for us? Why is the government not seeing our plight?
I know I shouldn't worry about what may come, but it is hard not to think about it. I have actually made a point to start an education fund for my daughter, and will for the next child as well, to at least give them a bit of a chance. It is a struggle sometimes but I am doing it for them, which helps me on. Am I wrong to be thinking this far ahead in terms of my financial situtation? It is awfully hard to look at my daughter and think about potentially not being able to give her the things she needs down the road.
I know that a lot of the stuff I have read are from people already mired deep in the student loan nightmare. Is there anything that can be done ahead of time? Be proactive? I don't know at this point. Even writing this message is bumming me out.
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